Financing vs. Cash: Mexico Home Buying Guide

Video Transcript - (Speakers: Anthony & RJ of MoXi)

Anthony:

Hi, my name's Anthony Young. I'm a mortgage advisor here at MoXi, a global mortgage company located in Los Cabos. I have the great opportunity to connect with my associate RJ Trongone about some common questions and things he faces when connecting with clients wanting to use MoXi. Hi RJ.

RJ:

Hey Anthony. Thanks for having me today.

Anthony:

Yeah, absolutely. So I just want to circle up on a couple quick things. What's the concept with realtors and business partners about MoXi that you really want to share, that you really want to get out to someone saying, "I have a client who can't buy this in cash, they need a loan." What would be some key things you would want that realtor to know?

RJ:

I just had a great conversation with a real estate agent and he was like, "Yeah, now that I'm hearing a lot more of our clientele asking or inquiring about mortgages," we're an all cash market, but now people are asking about mortgages and it's really to communicate to them like, "Well, it's not an all cash market. It doesn't have to be." Certainly, we service the US buyer, and the US buyer is accustomed to leveraging their real estate assets with a mortgage. So business moves fast and government moves slow in Mexico. So we do understand that it has been an all cash market for that reason.

The tides are shifting now with MoXi coming onto the scene with the infrastructure that we've implemented in the last five years to really expedite a lot of the fiduciary tasks that can hold up a closing to really get to a place where we're funding loans in less than 90 days. Obviously there's one-offs here and there that go longer than that, but we do want to start getting out there into the market and letting people know that we're closing loans in the same amount of time or quicker than what you guys are accustomed to with an all cash transaction. You've got our whole legal team that's invested in the protection of our assets, our money that the moves the transaction along with your team, real estate professionals, closing attorneys that you guys have working for you, representing you.

Anthony:

Great. That's really important for I think all of our business partners and potential realtor partners to know, because it has been a cash market roughly about 10 years, and MoXi hit the ground running early 2017, and then we've really been building that momentum with really strong linear growth. My experience is that some of these relationships in Mexico take a long time to develop and a lot of care and attention to maintain. And that goes to any of our mortgage advisors connecting with any of our realtor partners and business partners. Even goes with the different fiduciaries and third party services such as title appraisal, the different [inaudible 00:03:11]. So what I'm seeing is when they're getting that initial call, on a Zoom call with our closing department, Portilla, who obviously is a well known law firm in Mexico with three locations, that'll really move the needle.

Sometimes you can have situations where a seller's really sticky about providing necessary documents. Hey, this is Mexico finance law, AYC and AML. Those are instrumental, and it's a little different than we're used to in the US. So I think we're now seeing that we're overcoming a lot of those hurdles and a lot of that kind of what you said, realtors, their go-to used to just be like, "It's only a cash market." So what I'm seeing, and I'm not sure if this is the same for you, but I'm seeing four or five or six realtors each week, send me a client that has questions and wants to get pre-approved. They're sending me two or three clients a week wanting to get pre-qualified and put their offering. And I think that's instrumental to a smooth process letting the realtors know, "Hey, I've been pre-qualified with a five star lender who does things by the book, really smooth, very US style loan, with the exception that the property's in Mexico."

RJ:

Anthony, you bring up, I mean that those are good points. So these agents are our brokers. Our business partners need to feel confident that they're going to hand off their client to us, and we're going to represent them in a professional manner and deliver the service that they're now kind of opening up to their client. Rather than let that client figure out ways to access those funds in the United States, whether that be through home equity lines or exhausting capital elsewhere. Now they're moving to say, "Hey, we do have a reputable lender that's available to talk to you about mortgage options." And that's what we've been striving to perfect. That's what we have built here at MoXi, is a team, and again, with support of Portilla that's able to deliver that level of service that's accustomed to really what they want to refer their clients to.

Anthony:

RJ, it sounds like really at MoXi, you're rolling out the red carpet and giving white glove concierge level service to these clients that are referred over to realtors. I'm guessing that, you might just do one transaction with a client, but you might do many transactions with a particular realtor. So although a lot of care is given in every interaction, in every conversation we have at MoXi, sometimes we really want to foster those relationships with our business partners.

RJ:

I mean, it's just like here in the United States, we really brought the same similar strategy into the Mexican market. So in the United States, realtor, loan officer, just a great huge professional trust is established between those two parties to really coexist in this industry. So by taking care of our realtor partners, by taking care of each and every client that comes through, by conveying the information. Sometimes it's not the information they want to hear. Sometimes financing is not available and it's not an option that they're going to be able to consider, but that message is delivered to them in a professional and timely manner as to prevent, again, any mishandling of any referrals that are handed off to us. When a relationship is fostered and it works, we again see a tremendous back and forth growth from both sides. We send pre-qualified interested parties towards realtors who then benefit from those clients already being pre-qualified, and they send them back to us when we close that transaction expeditiously and professionally.

Anthony:

Excellent. So if a realtor's out doing their thing in Mexico, want to refer a client over to RJ, what's the best way for them to do that?

RJ:

The best way to take that next step is to go ahead and schedule an appointment through the Calendly link located below. We can all jump on a call, determine financing options that are specific to your clients' goals and strategies. If they're ready to go right now, there's also another link right there that they can complete the loan application. I'll be notified almost immediately. Jump in there, get them pre-qualified, and then schedule a call with them accordingly.